Yount headed up the new enterprise, and counted among his partners: Thomas Peter Lee, William Ellsworth Lee, Emerson Francis Woodward, Talbot Frederick Rothwell, John Henry Phelan, Beeman Ewell Strong, Frank E. Thomas, and Maximilian Theodore Schlicher.
With a new fusion of capital provided by T. P. Lee, Yount was confident that the Spindletop oil field in southeast Texas had not been tapped out, so he set about acquiring large tracts of land in the area.
He also built the infrastructure necessary to ship his company's oil to destinations around the world from his headquarters in Beaumont, Texas.
Before his death in 1933, Yount, his business partners and associates, had built the company into one of the largest and most successful independent oil operators in the country.
Within two years, on July 31, 1935, the stockholders sold Yount-Lee Oil Company for $46.2 million to Houston attorney, Wright Francis Morrow, who immediately began to parcel off the assets.